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Summary of the October 2019 ASAF meeting now available

The IASB staff have published a summary of the Accounting Standards Advisory Forum (ASAF) meeting held in London on 3 October 2019.

The topics covered during the meeting were the following (numbers in brackets are ref­er­ences to the cor­re­spond­ing para­graphs of the summary):

Financial instruments with characteristics of equity (1–7): The ASAF discussed the various project alternatives and were supportive of the IASB’s decision to make clarifying amendments to IAS 32. Several members also expressed that a fundamental review to develop a new approach to distinguishing financial liabilities from equity is warranted.

Dynamic risk management (8–16): The ASAF was given an update on the dynamic risk management project and provided feedback on how to perform an outreach on the core version of the DRM model.

IBOR reform and its effects on financial reporting (17–22): The ASAF was given an update on the IBOR reform project and provided feedback on potential accounting issues to be considered during the project’s Phase II.